As we start the new year we thought it would be a good idea to establish some general benchmarks for the Ventura County Rental Market. As of January 3rd there were 675 rentals homes listed in Ventura County according to data from the CVAR Regional Datashare Database. Oxnard has the most rentals with over 150 properties for rent. The market has been flooded with homes. People who would normally be selling their homes are opting to lease them and tight credit markets and a general sense of uneasiness amongst prospective buyers is pushing more and more people into the rental market. “We have seen dramatic price reductions in the Oxnard area as more and more homes continue to come on the market” states Presidio Rental Solutions leasing manager, Doug Collins. “The increased rental supply is creating some great opportunities for tenants to get a very nice home for a reasonable price.” Collins said the average price for a newer 3 bedroom 2 bath home in the Oxnard area is anywhere from $1800.00 and up. For more information on the City of Oxnard visit the city’s website at www.ci.oxnard.ca.us
It is becoming increasingly important for property owners to properly price their property or the home will sit on the market. Many owners are lowering their prices drastically after the properties sits vacant for three months. This of course has an adverse impact on other rental properties. It is very similar to what we see on the sale side of the market. Prices start to spiral downward as owners panic to get their homes leased. “I am constantly being asked by tenants if the owner will lower their price, I have never seen prices fall this fast, in October of 2008 it was no problem to lease a 3+2 well kept home in Oxnard for $2100-$2300, per month, now you are luck to get $2000 a 14% decrease in 3 months is pretty dramatic” states Collins.
Presidio Rental Solutions specializes in rental property leasing in Ventura County, California. Doug Collins can be reached at 800-317-6411 for more information.